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NOTE 5 - NOTES PAYABLE
12 Months Ended
Apr. 30, 2016
Debt Disclosure [Abstract]  
NOTE 5 - NOTES PAYABLE

NOTE 5 – NOTES PAYABLE

 

Promissory Notes

 

During the period ended April 30, 2016, an unrelated party advanced funds in the amount of $46,975 to fund operations and provide working capital. Unpaid balances are due on demand and accrue an annual interest rate of 5%. During the year ended April 30, 2016, the Company acknowledged and agreed to issue the convertible note of $51,221 for payment of principal on the Promissory note of $51,221.

 

At April 30, 2016 and 2015, the notes had accrued interest of $1,598 and $116, respectively.

 

 

Note Payable

 

   

April 30,

2016

 

April 30,

2015

Note dated April 30, 2015, to Warwick Overseas, LLC, interest at 5%, due in two installments of $125,000 at the end of each year, term of two years $ 250,000 $ 250,000
Total note payable   250,000   250,000
Less current portion of Note payable   250,000   125,000
Long-term portion of note payable $ - $ 125,000

 

 

On April 30, 2017, the Warwick Overseas, LLC, agreed to extend the note for an additional one year term to April 30, 2018.

 

During the year ended April 30, 2016 and 2015, the company recognized interest expense on the note payable of $12,534 and $0, respectively.